๐ Traderโs Eye Technical Analysis on SOL/USDT (4H Chart) ๐
Currently, SOL is trading around $206.76 after holding strong within a symmetrical wedge formation. This setup often signals that a major breakout is near. Letโs break it down step by step for a clear traderโs perspective:
๐น Upper Resistance Zone: Around $215โ220, SOL has faced repeated rejections. This is the key level to watch for a bullish breakout confirmation.
๐น Lower Zone / Demand Area: Around $190โ195, buyers have consistently stepped in to protect this support. As long as this zone holds, the bullish structure remains intact.
๐น Pattern Formation: The price is coiling within a wedge, which suggests price compression and reduced volatility. Historically, this often leads to explosive moves once a breakout happens.
๐น Indicators & Momentum: Volume is relatively low, but a surge in buying volume near resistance could be the trigger for SOL to aim for $230+ targets in the short term.
๐ Trading Outlook:
If SOL breaks above the upper resistance zone, the next targets could be $225 โ $235.
If it fails and rejects, a retest of the $195 lower zone is possible, where new buyers may enter.
โก Traderโs Tip:
Patience is key in wedge formations. Always wait for a breakout confirmation with strong volume before entering a position. Breakouts without volume can often be fakeouts.
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